Charity Registration No. 276477
FORESTDALE RESIDENTS ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FORESTDALE RESIDENTS ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Officers | |
|---|---|
| Adrian Douglas (Acting Chairman) | |
| Gwen Woollett (Treasurer) | |
| Cheryl Heartfield (Bar Manager) | |
| Committee Members | Dave Haworth |
| Kim bright | |
| Andy Stranack (ex-officio) | |
| Sam Blakeman | |
| Andrea Glave | |
| Trustees | Dave Haworth |
| Adrian Douglas | |
| Chris Tymon | |
| Charity number | 276477 |
| Registered office | The Forum Community Centre |
| Bardolph Avenue | |
| Croydon | |
| Surrey | |
| CR0 9BG | |
| Independent examiner | Accotax London Ltd |
| 12 London Road | |
| Morden, London | |
| SM4 5BQ |
FORESTDALE RESIDENTS ASSOCIATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 – 2 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7 – 13 |
FORESTDALE RESIDENTS ASSOCIATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their report and financial statements for the year ended 31 March 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the association's constitution, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The association's objects are:
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to promote the benefit of the inhabitants of Forestdale and surrounding areas by associating the inhabitants in a common effort to provide facilities in the interests of social welfare for recreation and leisure with the objective of improving the condition of life for the inhabitants.
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to secure and maintain a community centre in furtherance of the above objective.
The policies adopted in furtherance of these objects are detailed in our Employees handbook which covers such topics as: Health & Safety at work; Equal Opportunity; Data Protection; Training; Security; Grievance; Stress; Drug & Alcohol; Computer, Email & Internet; Social Media; etc. and there has been no change in these during the year.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the association should undertake.
The trustees and executive committee have continued to oversee the management and maintenance of the community centre but funds have restricted this to minor maintenance. The committee continue to support the coordination group of the management companies of the local private roads (Forestdale Forward Group) by convening and hosting their quarterly meetings.
Achievements and performance
Financial review
It is the policy of the association that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three- and six-month’s expenditures. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the association’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees have assessed the major risks to which the association is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The trustees are supported by an executive committee elected by the members at the annual general meeting. The community centre is managed by a centre manager employed by the association. The centre manager attends and reports to the committee.
The trustees who served during the year and up to the date of signature of the financial statements were: Dave Haworth Adrian Douglas Chris Tymon
The trustees' report was approved by the Board of Trustees.
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FORESTDALE RESIDENTS ASSOCIATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
..............................
Adrian Douglas
Trustee Dated: .........................
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FORESTDALE RESIDENTS ASSOCIATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2024
The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the association and of the incoming resources and application of resources of the association for that year.
In preparing these accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the association and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the institution. They are also responsible for safeguarding the assets of the association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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FORESTDALE RESIDENTS ASSOCIATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF FORESTDALE RESIDENTS ASSOCIATION
I report on the financial statements of the association for the year ended 31 March 2024, which are set out on pages 5 to 13.
Respective responsibilities of trustees and examiner
The association’s trustees are responsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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(i) examine the financial statements under section 145 of the 2011 Act;
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(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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(iii) to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 130 of the 2011 Act; and
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(ii) to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
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have not been met or
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(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Waqas Sagar
Chartered Certified Accountant Accotax London Ltd
12 London Road Morden SM4 5BQ
Dated: .........................22 Aug 2024
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FORESTDALE RESIDENTS ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Notes Income and endowments from: Donations and legacies 2 Charitable activities Other trading activities 3 Investments Other income 4 Total income Expenditure on: Raising funds Charitable activities Other Expenditure 7 Total resources expended Net outgoing resources before transfers Gross transfers between funds Other recognised gains and losses Revaluation of tangible fixed assets Net movement in funds Fund balances at 1 April 2023 Fund balances at 31 March 2024 |
2024 £ - - 336,506 - 374 336,880 - - 324,485 324,485 12,395 - - 12,395 (9,981) 2,414 |
2023 £ - - 280,930 - 4 280,934 - - 280,854 280,854 80 - - 80 (10,061) (9,981) |
|---|---|---|
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FORESTDALE RESIDENTS ASSOCIATION
BALANCE SHEET
AS AT 31 MARCH 2024
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Tangible assets | 8 | 440 | 585 | |||
| Current assets | ||||||
| Stocks | 9 | 5,532 | 6,605 | |||
| Debtors | 4,451 | 3,735 | ||||
| Cash at bank and in hand | 27,469 | 22,924 | ||||
| 37,452 | 33,264 | |||||
| Creditors: amounts falling due within | ||||||
| one year | 11 | (10,478) | (10,497) | |||
| Net current assets | 26,974 | 22,767 | ||||
| Total assets less current liabilities | 27,412 | 23,352 | ||||
| Creditors: amounts falling due after more than one | year | (25,000) | (33,333) | |||
| ---------- | ----------- | |||||
| Net Assets/(Liabilities) | 2,414 | (9,981) | ||||
| ===== |
====== | |||||
| Income funds | ||||||
| Unrestricted funds | 2,414 | (9,981) | ||||
| 2,414 | (9,981) | |||||
| The financial statements were approved by the Trustees on ......................... | ||||||
| .............................. | .............................. | |||||
| Adrian Douglas | Chris Tymon | |||||
| Trustee | Trustee |
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FORESTDALE RESIDENTS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
1.1 Accounting convention
The accounts have been prepared in accordance with the association's constitution, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The association is a Public Benefit Entity as defined by FRS 102.
The association has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the association. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the association has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the association.
1.4 Incoming resources
Income is recognised when the association is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the association has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the association has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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FORESTDALE RESIDENTS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
1.5 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvement to property 10% Straight Line Plant & machinery 25% Reducing Balance Fixture and fittings & Equipment 25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.6 Impairment of fixed assets
At each reporting end date, the association reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The association has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the association's balance sheet when the association becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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FORESTDALE RESIDENTS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest th d
Derecognition of financial liabilities
Financial liabilities are derecognised when the association’s contractual obligations expire or are discharged or cancelled.
2 Donations and legacies
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Donations and gifts | - | - |
| Legacies receivable | - | - |
3 Other trading activities
| Unrestricted Restricted Endowment Total funds funds funds 2024 £ £ £ £ Bar Sales 285,216 - - 285,216 Hire fees 11,735 - - 11,735 Gaming Machines, Pool Table & Juke Box 2,839 - - 2,839 Entertainment Fund - - - - Lottery & Casino 36,716 - - 36,716 Other trading activities 336,506 - - 336,506 ~~=~~ Other income 2024 £ Other income 374 |
Total 2023 £ 240,212 10,616 2,467 1,296 26,339 |
|---|---|
| 280,930 | |
| 2023 £ 4 |
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4 Other income
-
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FORESTDALE RESIDENTS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5 Details of Certain Items of Expenditure
| Details of Certain Items of Expenditure | ||
|---|---|---|
| Independent Examiner's Fees Accountancy |
2024 £ 520 1,385 1,905 |
2023 £ 520 1,230 |
| 1,750 |
6 Employees
Number of employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| 6 | 6 | |
| Wages and salaries | 76,978 | 78,432 |
| Social security costs | - | - |
| Other pension costs | 2,081 | 2,066 |
| 79,059 | 80,498 |
There were no employees whose annual remuneration was £60,000 or more.
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FORESTDALE RESIDENTS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7 Analysis of Other Expenditure
| Unrestricted Restricted Endowment funds funds funds Bar Cost 143,823 Wages & Salaries 76,978 Nest Pension Costs 2,081 Equipment Hire 8,213 TV Channel Rental 9,595 Rent Rates & Insurance 11,916 Light & Heat 16,150 Cleaning & Laundry 22,554 Repairs & Renewals 4,726 Gardening 4,020 Telephone, Advertising & Stationery 6,670 Licences 1,687 Legal & Professional Fees 2,485 Stocktaking 2,330 Accountancy & Bookkeeping 1,905 Bank & Card Charges 5,507 Sundry Expenses 2,632 Subscription 137 Depreciation 146 Bank Interest 930 324,485 - - |
Total 2024 143,823 76,978 2,081 8,213 9,595 11,916 16,150 22,554 4,726 4,020 6,670 1,824 2,485 2,330 1,905 5,507 2,632 137 146 930 324,485 |
Total 2023 108,427 78,432 2,066 7,747 8,519 11,550 15,195 21,532 2,097 4,110 5,760 1,548 2,616 2,055 1,750 6,608 447 200 195 - |
|---|---|---|
| 280,854 |
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FORESTDALE RESIDENTS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
| 8 Tangible fixed assets Improvement to property Plant & machinery Fixture and fittings & Equipment £ £ £ Cost At 1 April 2023 27,787 7,093 984 At 31 March 2024 - - - Depreciation and impairment At 1 April 2024 27,787 6,947 544 Depreciation charged in the year -36 110 At 31 March 2023 27,787 6,983 654 Carrying amount At 31 March 2024 - 110 330 At 31 March 2023 - 146 439 9 Stocks 2024 £ Finished goods and goods for resale 5,532 10 Loans and overdrafts 2024 £ Bank loans 25,000 Payable more than one year 25,000 |
Total £ 35,864 |
|---|---|
| - | |
| 35,278 146 |
|
| 35,424 | |
| 440 | |
| 585 | |
| 2023 £ 6,605 |
|
| 2023 £ 33,333 |
|
| 33,333 |
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FORESTDALE RESIDENTS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | |||
|---|---|---|---|
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Bank loans | 11 | 6,666 | 8,333 |
| Other taxation and social security | 1,047 | 1,120 | |
| Other creditors | 2,764 | 984 | |
| Accruals and deferred income | - | 60 | |
| 10,478 | 10,497 |
13 Related party transactions
There were no disclosable related party transactions during the year (2023 - 2024).
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